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High velocity trading

  • #41
  • May 22, 2011 10:52am May 22, 2011 10:52am
Here's a D1 EU chart, we are entering price zooming area, which is the zone, where price tends to move at a very fast pace, the zooming area was "set" in November 2010 with three black crows pattern, highlighted on the chart.

So with spanish crisis and instability another crack will show up in euro currency, resulting in swift losses and send the euro back to 1.37. Current price action around support area is looking very weak.

http://img825.imageshack.us/img825/3637/eud1zooming.png
  • #42
  • May 22, 2011 11:21pm May 22, 2011 11:21pm
short selling triggered on GBP JPY and EUR GBP and EUR USD, EUR AUD short sell pending, EUR JPY short sell optional @ current price, recommend to short sell @ 115.15, once the price action clears the weekly pivot.
  • #43
  • May 23, 2011 1:07am May 23, 2011 1:07am
Quote
EURGBP short sell @ 8687 SL 40 TP 8677

of course that should read as TP 8577 that was a god damned typo.
  • #44
  • May 23, 2011 3:06am May 23, 2011 3:06am
I have taken the EURJPY short and it is doing great

Do you manage your trade with trailing sl?

Thanks.

-Venu
  • #45
  • May 23, 2011 3:42am May 23, 2011 3:42am
I usually just put the SL to BE, trailing means that you will most times get stopped out due to price action retraces, which is not worth it at the end of the day. What's the point anyway, if euro is going to 1.37 and EJ to 110 within next few days?
  • #46
  • May 23, 2011 4:15am May 23, 2011 4:15am
Invisible get the *** out of my thread please!
  • #47
  • May 23, 2011 4:36am May 23, 2011 4:36am
Invisible is probably very busy minting money by taking your trades. lol
  • #48
  • May 23, 2011 4:40am May 23, 2011 4:40am
Man I don't know, but he might create bad karma in here, so always better to be safe than sorry.
  • #49
  • May 23, 2011 5:11am May 23, 2011 5:11am
out of EUR GBP due to underperformance.
  • #50
  • May 23, 2011 10:50am May 23, 2011 10:50am
I generally don't waste time reading mainstream news, however this deal @ bloomberg is a good summary of what's been up on FX markets lately and some outlook for the near term, check it out!

http://www.bloomberg.com/news/2011-0...ternative.html
  • #51
  • May 24, 2011 4:07am May 24, 2011 4:07am
Brief update:

EJ and EU short trades were stopped out (for me @ BE) after great performance yesterday PA pulled back right where it started Sunday during asian session. Still got GJ short going, with Sl @ 133.44, however due to USDX taking out it's monthly range and stronger PA on gold, I'm not certain of further PA now. Currently I entered some longs on GU, EU and crosses, however looking to close out since PA is very undecisive now.

If someone got GJ short going since asian open on sunday, you can move SL to BE and wait for downside breakout, GJ PA looks weak, however if GU break out to the upside we can expect SL to be taken out on GJ short.

The deal here is that obviously I didn't pay enough attention to the USDX monthly range, it only came to me in the morning that the monthly range is out and probably further gains limited through last week of May.

Also this USDX chart points to at least retest of WP on USDX.

http://oi53.tinypic.com/99m2ad.jpg
  • #52
  • May 24, 2011 7:58am May 24, 2011 7:58am
Quoting ruffryders
Brief update:

EJ and EU short trades were stopped out (for me @ BE) after great performance yesterday PA pulled back right where it started Sunday during asian session. Still got GJ short going, with Sl @ 133.44, however due to USDX taking out it's monthly range and stronger PA on gold, I'm not certain of further PA now. Currently I entered some longs on GU, EU and crosses, however looking to close out since PA is very undecisive now.

If someone got GJ short going since asian open on sunday, you can move SL to BE and wait for downside...
Hello

Have been following your thread wth great interest. Could you recommend an MT4 broker where I could get USDX chart?

Also, I know it is outside the scope of this thread, but I have also been followng the Mongolian thread you have just posted to. You suggest that tweaks would improve that system, could you please outline such tweaks.

With thanks.
  • #53
  • May 24, 2011 11:28pm May 24, 2011 11:28pm
Lets get the ball rolling anyway:

1) GU short sell @ 6157 SL @ 90 TP @ 6060 (current 6173) - reason - PA rejected at weekly pivot.

2) GJ short sell @ market (132.53) SL @ 133.30 TP @ 130.40. The game plan didn't change - we are going down. However PA tricked us early on the week, now the down move will continue.

3) EJ short sell pending @ 114.57 TP 111 SL + 40 points. current price 115.06. This is a very solid trade, once again it's the same game plan that I posted over weekend, just PA was very tricky and did a decent retrace. The EJ is also below WP and wasnt able to pierce the downwards sloping channel upper band. In my book it's just an overextended fibo retrace to 618, now the downmove will continue.

If you miss any of those trades do not despair, good opportunities are abundant in the markets!

rgds,
ruff
  • #54
  • Edited May 25, 2011 1:10am May 24, 2011 11:31pm | Edited May 25, 2011 1:10am
4xfactor reply to you later, placing orders now.

you can get USDX and EURX off admiral markets platform. The strategy needs much better filtering system and much better Risk/Reward management, currently I think without extensive screen time with that strategy you can't make money consistently because it produces too many false entries.
  • #55
  • May 25, 2011 2:36am May 25, 2011 2:36am
Quoting ruffryders
4xfactor reply to you later, placing orders now.

you can get USDX and EURX off admiral markets platform. The strategy needs much better filtering system and much better Risk/Reward management, currently I think without extensive screen time with that strategy you can't make money consistently because it produces too many false entries.
OK, thanks. Look forward to your reply!
  • #56
  • May 25, 2011 4:29am May 25, 2011 4:29am
previous EJ not triggered, GU and GJ stopped at BE

new orders @ market price SL 20 TP 120

long GU current 6190
short CAD current 9784
long GJ current 132.87
long EJ current 115.57
  • #57
  • May 25, 2011 5:08am May 25, 2011 5:08am
GJ TP update - take profits @ 133.60. GU take profits @ 6260

SL at break even at any rate.
  • #58
  • May 25, 2011 5:19am May 25, 2011 5:19am
EJ out @ - 20 points. CAD, GU, GJ are still good.
  • #59
  • May 25, 2011 7:01am May 25, 2011 7:01am
come on dragon 30 more pips to go and we are golden!

Sorry guys, just hate it when things kinda slow down to that extent. data release from US in 30 minutes so that's prolly part of the reason for a major slow donw and undecisivness.
  • #60
  • May 25, 2011 8:05am May 25, 2011 8:05am
Im out of all trades for today, closed GU @ 44 and GJ @ 18, up for the day overall however very dissapointing day as well, very slow PA and not much direction offered.

I will keep USDCAD short and update you guys when possible.

Total daily: EJ (-20) + GU (54) + GJ (28) = 62 points, it's by my means a very mediocre day, PA just doesnt' offer any strong direction.

It does get frustrating at times, however at the end of the day I still target 80-120 points at least on my trades, otherwise in the long run you will fail risk reward gotta be 4 to 1 or 5 to 1 to make in worthwhile.

The deal with the trades I posted over the weekend was that I looked for decent swing trades with 200+ points targets, however due to month end and due to majors taking out their monthly range and very slow PA the trades unfortunately didn't work out as planned.

I will be on the lookout for good entries and keep everyone updated
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